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FCA regulated FX, spread betting and CFD provider London Capital Group Holdings (LON:LCG) gave a further update to the firm’s announcement on June 17th, 2014, concerning the proposed financing to raise up to £17,500,000, through the Issue of convertible loan notes to GLIO and Institutional Investors.
LCG is pleased to announce that it has entered into a convertible loan note instrument (“Institutional Investors CLN Instrument”) relating to the subscription of £2,000,000 in principal amount of unsecured convertible loan notes of £1.00 each in the capital of the Company (the “CLN Subscription”) by the following persons (“Institutional Investors”) and in the following proportions:-
a) Hargreave Hale (registered in the name of HSBC Global Custody Nominee (UK) Limited) for £1,000,000 convertible loan notes; and
b) Mr. Tyler Rameson (registered in the name of JIM Nominees Limited) for £1,000,000 convertible loan notes,
(together, the “CLNs”) each at a conversion price to be determined, according to the conversion price calculation, referred to in the Institutional Investors CLN Instrument. In connection with and conditional on the above CLN Subscription, the Company shall issue warrants to the Institutional Investors, to subscribe for new ordinary shares of £0.10 each in the capital of the Company in proportion to the number of CLNs to be subscribed for by the Institutional Investors, each at a price of 45 pence per share.
Following the recent relevant Approvals of Mr Charles-Henri Sabet and GLIO, as announced by the Company on 14 August 2014, the Institutional Investors CLNs will become due for subscription once the conversion price has been determined (assuming that there is no outstanding event of default and LCG’s net assets are not less than £8.5 million) in accordance with the terms referred to in the Institutional Investors CLN Instrument. A further announcement(s) will be made in due course following the subscription of the convertible loan notes by GLIO and the Institutional Investors respectively.
Save where the context requires, capitalized terms within this announcement have the same meaning as those in the Circular to Shareholders, published on June 17th 2014.
For the official release, click here.